Goods in transit

Dear sir,

 

30 days time given for transition stock. Meaning, you are eligible to take Input credit of the item under VAT Regime.

hope it is clear

 

do we take credit in june vat a/c or  in july gst a/c and if in gst is there any separate form?

pl clarify

thanks sir

 

You can report such purchases in your GSTR -2 itself and claim IPT

The point of taxation, in this case, falls on 29/06/2017. So, GST will not be applicable on that.

You can get detailed info here. https://cleartax.in/s/transition-provisions-of-goods-in-transit-under-gst

A registered taxable person can claim input tax credit of goods/services received after GST for which tax has been paid under earlier law. The condition is that invoice or proof of tax payment must recorded in books of accounts within 30 days from GST implementation date .

So you can claim ITC under GST provided you record the purchase before 30/08/17

date  30/07/2017  or 30/08/2017

ipt will be for 5% will in sgst or sgt n cgst?

thanks 

 

In which return can the ITC  on the goods in transit be claimed?

Trans 1?